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Repossession
Seizure of property bought on credit for which loan payments are not being received. Please note that when asking a car repossession question, it is often useful to include the state that you live in. This will enable people to give you better answers.
11,694 Questions
What affect does a repossession have on your credit?
Well first off, it will make you look like a deadbeat. A repo will make it difficult for you to buy another vehicle, a house or other major purchases. It will also make it difficult for you to get any kind of credit and in addition it will keep you from getting certain jobs where they check your credit before hiring. It stays on your credit record for 7 years.
How do you get a car dealership license?
That depends on what dealership you want to open. If it is a franchise like FORD, Chevrolet, etc. you need to pay big insentives to the company to get a franchise and you have to abide by their rules. Their rules cover things like area of coverage and logo usage as well as obligations for taking stock from the supplier and such. If you just want to run a buy here and pay here place then you have to abide by the laws of the city county or state that you want to put the dealership in. You also have to post a bond to protect you from bad transactions.
Radiator stores engine coolant for circulation throughout the engine The radiator is placed at the front of the engine and exposed to the atmosphere to keep coolant cool to maintain proper engine temperature
What does the phrase 'money is what money can buy' mean?
The saying basically refers to the idea that money is not everything. Many people struggle with money. Money is needed to survive, but cannot buy happiness.
If the parent was a co-signer that means that both people have put their names on the car so it should contribute to the credit of both parties. It may take 30-90 days for the credit bureau to report it however. If it is not being reported on the child's credit it could be that the bank that financed it only reports on the main holders credit. You can find that out by calling your financing company's customer service line. Sometimes you can simply request that they report it if they are not already, but most of the time they will not start if they have not been previously. You can not transfer credit from one person to another. If they have not been receiving credit for it while the car was being paid for they will never be able to. That just isn't how it works. Sorry.
What can be done about items taken from a vehicle by a repossession company?
Not much. Nearly impossible to prove and so many make claims of stolen items, and no one ever believes them.
What is the importance of salary structure?
There is great importance in having a sturdy salary structure. This salary structure allows employees to understand what they will be making.
Can the police get involved in a car reposession from a car dealership?
No they can only be present if you are being sued, or there is a disturbance
What qualifies as a reason for payment defer?
I was diagnosed breast cancer and currently on chemo treatments until july, 2014. I was terminated from my full time job and my disability payments have some issue, Can I defer my mortgage until Im back to work
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You need to discuss this with your mortgage holder. Most will work with you to restructure your payments IF you work with them. There is no legal requirement that they do so. But they would rather have you as a customer than as a foreclosed property they have to try to sell. Call and set up a time to talk with them.
No to both questions. But the repossession agent has access to all that information and then some.
Yes, they can. Ultimately they have to PERFORM WORK to gather, label, secure, and keep safe your belongings. They can charge you for this because they were forced to perform work. The law allows them to be compensated for it.
If you owe more than the car is worth what happens if it gets repossessed?
The car goes to auction, then you owe the remaining balance of you loan + repossession and storage fees minus what the car was sold for at auction.
Most banks do not tell you they are repossessing it. Yes to the loan question and yes he can come at any time.
How long does cancellation of debt stay on credit report?
Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.
Are you allowed to pay the arrears after your car has been repossessed in the state of Texas?
Not only that, but you are expected to pay the arrears payments, too. The loan is still outstanding and the lender has every right to collect from the borrower what was promised (in writing) by them to pay.
What are the reasons Florida can garnish wages?
Florida can garnish wages primarily due to court-ordered judgments for debts, such as unpaid loans, child support, or alimony. The state allows creditors to seek wage garnishment as a legal remedy to recover owed amounts. However, Florida has strict exemptions and limits on how much can be garnished, typically allowing only a portion of disposable earnings to be taken. Additionally, certain types of income, like Social Security or retirement benefits, are generally protected from garnishment.
My car was stolen and destroyed how do I get damages paid by the thief?
You need to file a Civil claim against him for damages to your property. Consult a lawyer Your insurance company should be doing that for you.
unless you opted to keep your car and continue to make payments, they should have repoed it already. in other words, if you still want to keep the car you can only if you keep paying for it.
they can if they are a member of the credit burea but they usually do not because if it is a tote the note lot they usually aren't a member because they don't want attention called to them and there business practices so they try to stay low profile
How do you know if money is uncirculated?
"Uncirculated" simply means "never been spent and in change" so if you have a new coin or bill (banknote) from the bank or a cash machine, it's considered to be uncirculated. As soon as it's spent at a store or put in a vending machine it's been in circulation.
Of course if you have to prove that an item is uncirculated, that's more difficult. There are companies that get coins and bills directly from banks and resell them, and both the Mint (coins) and BEP (bills) will sell you uncirculated examples of their products. Then you know they're truly never circulated, but you'll have to pay extra for that assurance.
